Here's a video from Dave Ramsey detailing the story of a millionaire who never had a large salary.
Jason averaged around $70,000 a year while serving 31 years in the military, and has now built a $2 million net worth.
His keys to success:
- No debt
- Save for a long period of time to let compound interest work
- Live below your means
- Educated himself on how to handle money
- Worked to earn more (being deployed)
- Took advantage of tax-advantaged investments and benefits
- Automated his investments
- Ignored the financial news -- stayed the course
Great, basic advice.
He also said that anyone can become a millionaire no matter what they earn. It's simply saving as much as you can for a long period of time and letting your investments compound.
So consider this post one for those who do nothing but make excuses. If you want to become wealthy, it's not that hard. Just do the basics over time and the rest takes care of itself.